Social Security Trustee: Unfunded Obligations At $24 Trillion

At Tuesday’s Ways and Means Subcommittee on Social Security hearing, Dr. Charles Blahous of the Social Security and Medicare Boards of Trustees testified that Americans owe $24 trillion in unfunded liabilities to those already in the Social Security system.

Congressman Jim Renacci (R-OH), a CPA, asked Blahous what the impact would be on the Social Security trust fund if all unfunded liabilities needed to paid out. Blahous said that they usually highlight the 75-year “open group obligation” which is currently $10.6 trillion, but said the “actual amount of unfunded obligations within the Social Security system is actually substantially higher than that. ” According to Blahous, the reason is that the shortfall does not play out gradually over time. “It’s actually something that is on the books now. There is an excess of benefit obligations over contributions for people who are already in the system. And that’s actually about $24 trillion. And that’s about 4.4% of future wages going forward,” Blahous said

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Actually, it’s even worse to that, according to the Social Security Trustees’ 2014 Annual Report to Congress. Tucked way in the back in Table VI.F1 in the appendix we find, “The excess of the present value of cost for past and current participants over the present value of dedicated tax income for past and current participants produces an unfunded obligation for past and current participants of $26.1 trillion.” (But what’s a of couple trillion here or there?)

Asked by Renacci if Social Security taxes this year will be adequate to fund current benefit obligations, Blahous explained that there will be a shortfall of around $80 billion this year alone.

Renacci wanted to know where the money will come from to make up the difference.

“Well, when the payroll taxes fall short of benefit obligations, the difference has to be made with payments from the general fund. Right now they’d be in the form of interest payments from the general fund to the trust fund and a large share of those interest payments would go out the door immediately to pay beneficiaries,” said Blahous. He added that $80 billion would be added to the federal deficit this year as a result of the shortfall.

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http://pjmedia.com/tatler/2014/07/30/social-security-trustee-unfund...

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First of all what is money  and what is currency ?

You all need to study that first or remain uninformed ! '

You are all modern day serfs on uncles plantation!

Mushrooms one and all

kept in the dark and burred in Horse manure! and expected to produce for your masters....

You all make me so angry by being uninformed

LBJ, Social Security Trust Fund, Medicare, Labor Unions, Political Dickering..

LBJ, like Nixon, had all his phone conversations recorded and now sounds like Someone has caused them to be public...the following is mostly about the beginning of Medicare tied to SShttp://www.ssa.gov/history/LBJ/lbj.html Trust Fund..

Can I reply to my reply? The Insanity of the Democrats and the people who BELIVE their lies has me talking to myself a lot lately anyway.

Just like now NOTHING Is/was done for ANY reason except to generate VOTES.

Like in ONE of LBJ's phone conversations he says we need the Medicare Bill to get the old folk's vote and he was not the ONLY DEM at the trough.

Andrew Jackson, not exactly perfect, ONLY Pres against Fed Bank I believe. ETC

Obama & the Democrats "kicked the can" so far down the road it's coming back around again. They also stole $716 from Medicare which nobody mentions any more, can't keep up with the A__Holes' scandals!

This thread is proof that no one wants to examine the 800 pound gorilla in the room!

That Gorilla is the currency [ it is not money even if you think it functions like money]

Every other subject is small potatoes !

Play Waltzing Matilda for me and move them deck chairs boys and girls !  LOL

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LIGHTER SIDE

 

Political Cartoons by AF Branco

Political Cartoons by AF Branco

ALERT ALERT

Horrible: Democrats Set The Constitution On Fire With Fraudulent Impeachment

House Democrats unveiled two articles of impeachment against President Donald Trump on Tuesday morning after an investigation that violated fundamental provisions of the Constitution and the Bill of Rights.

The investigation of the president began with the complaint of a so-called “whistleblower” who turned out to be a rogue Central Intelligence Agency employee, protected by a lawyer who had called for a “coup” against Trump in early 2017.

Democrats first demanded that the “whistleblower” be allowed to testify. But after House Intelligence Committee chair Rep. Adam Schiff (D-CA) was found to have lied about his committee’s contact with the “whistleblower,” and after details of the “whistleblower’s” bias began to leak, Democrats reversed course. In violation of the President Trump’s Sixth Amendment right to confront his accuser, Democrats refused to allow the “whistleblower” to testify. They argue the president’s procedural rights, even if they existed, would not apply until he was tried in the Senate — but they also invented a fraudulent “right to anonymity” that, they hope, might conceal the whistleblower even then.

Schiff began the “impeachment inquiry” in secret, behind the closed doors of the Sensitive Compartmentalized Information Facility (SCIF) in the basement of the U.S. Capitol, even though none of the testimony was deemed classified. Few members of Congress were allowed access. Schiff allowed selective bits of testimony to leak to friendly media, while withholding transcripts of testimony.

Speaker of the House Nancy Pelosi (D-CA), having allowed the secret process to unfold, legitimized it with a party-line vote authorizing the inquiry. The House resolution denied President Trump the procedural rights enjoyed by Presidents Richard Nixon and Bill Clinton, and denied the minority party the traditional right to object to witnesses called by the majority.

Rather than the House Judiciary Committee, which traditionally handles impeachment, Pelosi also deputized the House Intelligence Committee to conduct fact-finding; the Judiciary Committee was turned into a rubber stamp. Schiff held a few public hearings, but often failed to release transcripts containing exculpatory evidence until after they had passed.

In the course of the Intelligence Committee’s investigation, Schiff quietly spied on the telephone records of his Republican counterpart, Ranking Member Devin Nunes (R-CA). He also snooped on the phone records of a journalist, John Solomon; and on the phone records of former New York City mayor Rudy Giuliani, acting as President Trump’s personal lawyer.

Schiff’s eavesdropping violated both the First Amendment right to press freedom and the Sixth Amendment right to counsel. Yet he proceeded undeterred by constitutional rights, publishing the phone logs in his committee’s report without warning, confirmation, or explanation, alleging that Nunes and the others were part of a conspiracy to assist the president’s allegedly impeachable conduct. When Republicans on the Judiciary Committee asked the Intelligence Committee’s majority counsel, Daniel Goldman, to explain the phone logs, he refused to answer,

Ironically, Schiff had done exactly what Democrats accuse Trump of doing: abused his power to dig up dirt on political opponents, then obstructed a congressional investigation into his party’s and his committee’s misconduct.

Democrats’ articles of impeachment include one for the dubious charge of “abuse of power,” which is not mentioned in the Constitution; and one for “obstruction of Congress,” which in this case is an abuse of power in itself.

Alexander Hamilton, writing about impeachment in Federalist 65, warned that “there will always be the greatest danger that the decision will be regulated more by the comparative strength of parties, than by the real demonstrations of innocence or guilt.” Democrats have fulfilled Hamilton’s worst fears.

The Trump impeachment will soon replace the 1868 impeachment of President Andrew Johnson — which the House Judiciary Committee staff actually cited as a positive precedent — as the worst in American history.

In service of their “coup,” Democrats have trampled the Constitution and the Bill of Rights. The Republic has never been in greater danger.

You don't get to interrupt me

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